Here we go again:

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Bulgaria PM Boyko Borisov has stated that the flat rates for income and corporate taxes will remain but that there will be a ‘Luxury’ tax introduced to counter the financial crisis.

Borisov, speaking after a cabinet meeting to discuss anti-crisis measures, said that the luxury tax will be introduced. He also said that the current fiscal reserve totals BGN 6,5 B.

The ‘Luxury’ tax will be put on owners of: cars of over 150 horse power, yachts and houses/apartments of over 250 square meters.

Another of the anti-crisis measures will be to put a ceiling on the wages of state employees. “The wage of the Prime Minister must be the largest of the state officials,” Borisov said. He pointed out that there are some state hospitals where the average wage amounts to BGN 35 000 and even up to 72 000 per month.

“I work Saturdays and Sunday and take home less than BGN 3000,” Borisov added.

Borisov concluded by saying that his government would not meddle with taxes on the private sector but added that a tax will be placed on bank deposits of over BGN 100 000.

The center-right GERB Cabinet's proposal is not their final plan and will now be discussed further with unions and employers.

Earlier Sunday Borisov revealed a huge hidden budget deficit caused by illegal contracts of over BGN 2,12 B that were signed by the previous government.

Oddy

Two things you cannot escape - Death and the Tax man..
It says to be introduced :- Bulgaria PM Boyko Borisov has stated that the flat rates for income and corporate taxes will remain but that there will be a 'Luxury' tax introduced to counter the financial crisis. Borisov, speaking after a cabinet meeting to discuss anti-crisis measures, said that the luxury tax will be introduced. He also said that the current fiscal reserve totals BGN 6,5 B. ...
What itdoes not say is when?? This is Bulgaria, so not panicing yet [You must be registered and logged in to see this image.] watch and wait
Bill

[size=75:28m9o4z2]novinite 22 March 2010

Here's more about the same thing

Bulgaria Municipalities to Benefit from New "
Luxury Tax"


Bulgaria's new tax on luxury goods, which the government plans to introduce to help fight the economic crisis and keep down the fiscal deficit, will be collected by the municipalities, the finance minister announced on Monday.

“It makes no difference whether the money will go into the municipal or state budget. In any case it will be beneficial,” Minister Simeon Djnakov told journalists.

He refused to specify the amount of money expected to be collected by the levying of this new tax.

The new tax, announced a day earlier after an extraordinary cabinet meeting called to discuss anti-crisis measures, would affect the owners of yachts, aeroplanes, big cars and expensive properties as well as those with bank deposits of more than 50,000 euros.

It is part of a package of new new measures, which also include floating minority stakes in state-owned companies and a possible bond issue.

The new measures have received the approval of the trade unions and the union of employers and the government is expected to agree with them this week a final package of nearly 50 steps to combat the crisis.

The centre-right government focused its austerity measures on the wealthy, after its plans to raise the healthcare tax and cut benefits to civil servants triggered protests.

I think this is a bit late really if Greece and Iceland haver gone to the wall what chance does Bulgaria have? not much I don't think